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Veteran Advisor

Floor Talk, August 27, 2019

At the close:

At the close, the Sep. corn futures closed 1 1/2¢ lower at $3.57. Dec. corn futures settled 2¢ lower at $3.66 1/4.

Sep. soybean futures settled 7 1/2¢ lower at $8.46 3/4. Jan. soybean futures closed 8¢ lower at $8.59 3/4.

Dec. wheat futures closed 1 3/4¢ higher at $4.76 3/4.



December soymeal futures settled $1.60 per short ton lower at $297.00.



December soy oil futures ended $0.34 lower at 28.35¢ per pound.



In the outside markets, the NYMEX crude oil market is $1.34 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 94 points lower.

Matt Tranel, Cash Advisor for Commodity Risk Management Group, says move along, nothing to see in today’s market.

“Nothing has really changed in the corn market, today. We are currently watching a 3 cent trade between the low and high trade. Soybeans have a little bit more action as Chinese officials denied U.S. claims that further discussions to be held in the near future. Soybeans are down 9 cents and that has corn currently down a penny,” Tranel says.

Mike

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At midsession:

At midsession, the Sep. corn futures are even at $3.58 1/2. Dec. corn futures are 1/4¢ lower at $3.68.

Sep. soybean futures are 8 1/2¢ lower at $8.45 3/4. Jan. soybean futures are 8 3/4¢ lower at $8.58 3/4.

Dec. wheat futures are 2 3/4¢ higher at $4.78.



December soymeal futures are $3.10 per short ton lower at $295.60.

 December soy oil futures are $0.29 lower at 28.40¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.21 per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 72 points lower.

Mike

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At 9:08am:

In early trading, the Sep. corn futures are 3/4¢ higher at $3.59. Dec. corn futures are 1/4¢ higher at $3.68 1/4.

Sep. soybean futures are 4 1/4¢ lower at $8.49 3/4. Jan. soybean futures are 4 1/2¢ lower at $8.62 3/4.

Dec. wheat futures are 3 1/2¢ higher at $4.76 1/2.



December soymeal futures are $2.00 per short ton lower at $296.60.

 December soy oil futures are $0.16 lower at 28.53¢ per pound.



In the outside markets, the NYMEX crude oil market is $0.36 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 84 points higher.

Al Kluis, Kluis Advisors, says that investors are trying to pinpoint the soybean support from Monday.

“Did the positive move come from the trade agreement between the U.S. and Japan? This trade deal was expected, so it is unlikely that the enthusiasm in soybeans was entirely related. The most likely reason for the positive move were the Sunday evening comments that China and the U.S. are ready to negotiate again. However, if traders really thought the two countries were serious, it is likely we would have seen much more than a dime rally. Still, after the back-and-forth last week, it is encouraging that the two countries are willing to open discussions again,” Kluis told customers in a daily note.


Kluis added, “The Monday afternoon Crop Progress reports have not been swaying traders one way or the other over the last month. Once the calendar rolled to August, the traders likely moved into “show me the damage” mode. They will wait to see what the crop looks like when the combines roll.”

 

What say you?

 

Mike

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6 Replies
Senior Contributor

Re:A 3.5 billion bushel soybean crop and beans are $8.50, pathetic.

A 3.5 billion bushel bean crop coming and beans are$8.50.  The bean crop is short by 1000 million bushel, 25% and $8.50 is all they’re worth.  

 How pathetic is that?

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Advisor

Re: Floor Talk, August 27, 2019

Re " What say you? "

Heck we just turn on the TV and I Love Lucy is always on. 

Been on there for bout 50 years now. 

Some things never change it seems. 

Agri markets are like that too. 

 

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Veteran Advisor

Re: Floor Talk, August 27, 2019

I've mentioned this before but it's worth repeating:

As long as Andy is the sheriff in Mayberry and Mat Dillon

is the Marshall in Dodge we'll be OK.

When those shows (and Lucy) go off the air we're in trouble!!

Honored Advisor

Re: Floor Talk, August 27, 2019

Don Roose at noon said 'Brazil is out and US beans are 30 cents cheaper than the rest of the world`.   Therefore could one not conclude that if there was no "trade war", God in His Heaven and all is right with the world, that price you see written on the elevator chalkboard could only be 30 cents higher under the best scenario?  ...yeah $8.20 beans woo-hoo!  Smiley Indifferent

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Honored Advisor

Re: Floor Talk, August 27, 2019

We are right where we should be(not the market but US producers)......... handing out some $$  assistance so we can be more patient..... 

It will be 5- 6 months before a new south american crop is available to the market.  Our crop is very short and won't depress prices.  (25% down on production is probably too optimistic, considering unproductive planted acres were boosted by crop insurance)

We should see one of two things.  Markets rebound accordingly when this harvest turns into a mess.    OR     CBOT exiled to a caribbean island where it can exist as the unregulated Scam it is.  

If justice department gets the second choice done, we may see a new United states  ( KC/Omaha/Dallas) board of trade open and become a reliable futures market for commodities.  One that requires backing of trades and a functioning delivery system.

Best case scenario dream for a 2019 finish.

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Veteran Advisor

Re: Floor Talk, August 27, 2019

sw363535,

 

Keep in mind, Brazilian farmers go to the fields in two weeks to start planting the 2020 crop. Let's see how many acres they plan to seed. The market will be watching.

 

Mike

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